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Commercial Paper (Presentment & Dishonor (Dishonor (Maker or Drawee…

- - - - Effective against all holders (including HDC): infancy; incapacity; duress; illegality; fraud (fraud in factum only); alteration & forgery; S.O.L. (generally 3 yrs)]
    - - Not effective against HDC
        
        issuance; contract defense; claim in recoupment; defenses & claims in recoupment of other persons; claims to the inst.
- - - - completion authorized -- enforceable
      - completion unauthorize -- obligor discharged, but HDC or bank can enforce inst. as completed